Mankoff plans to "aggressively" grow the business, and said that diversification would be critical to this as the firm’s core music business had "plateaued". "While music will remain a vital part of our business, we are looking for future growth from such market segments as games, software and DVDs," he said.
As part of the succession plan Nick Toms took over from Newbon as European chief executive at the beginning of the year. He described Newbon as "a great guy – we wish him all the best for the future."
Newbon is one of the industry’s most charismatic and knowledgeable managers. He was chief executive of the former Tinsley Robor business, which was bought by US group Impac in 1998. Further consolidation in the North American paperboard and packaging business saw it become part of MeadWestvaco.
Story by Jo Francis
